Optimizing the chemicals value chain with AI

By Author: Mr. TEAM MENTit (MENTit Both)
Affiliation: MENTit

 The new reality

  • Nearly 20,000 jobs are expected to be lost in the chemicals industry because of the COVID-19 pandemic Chemicals companies will need to plan for larger transformations and innovation.
  • Artificial intelligence is a critical component to help organizations be more agile.
  • IBM surveyed 400 chemical executives in 18 countries who are involved in defining or executing AI strategies.

 

 

  • Chemical businesses may rethink how they do business and interact with their stakeholders.
  • Chemical firms can radically reinvent how they operate and communicate with their stakeholders by merging AI with other exponential technologies.
  • This might entail rethinking consumer involvement and finding new ways of achieving and monetizing value.

 

      State of AI

  • Four out of 10 chemical responders claim their organizations are implementing an AI approach across the board.
  • The majority of companies are utilizing AI for product creation, risk management, and research.
  • According to research, AI's share of technology spending is predicted to rise from 13 percent to 16 percent in the next three years.

 

      The use of other technology also increasing

  • Artificial intelligence is also becoming more prevalent as a result of the usage of other technologies.
  • Manufacturing, management, process control, and asset predictive maintenance are all areas where AI is applied.
  • AI improves chemical process management by reducing unexpected downtime and optimizing operations.
  • High-speed and precise heat management of a continuous flow chemical reactor using computer vision is one example.

 

  • Cost savings and improved production processes can result from AI's use of available data sources.
  • Hybrid clouds provide seamless flow of data so AI champions can use data in new ways.
  • AI champions recognize that their talent needs to evolve as part of their AI strategy and implementations.
  • AI is helping drive innovation, optimize chemicals processes, and improve resource management.
  • Nearly half of AI champions have implemented AI to identify current skills and future skills gaps.

      Infuse value chain with AI and other technologies

  • AI champions have applied AI to address customer engagement, growth through new products and services, and automation.
  • They've added more cloud computing, IoT, and mobile to go along with their existing investments.
  • Each of these areas contributes to increasing revenues, reducing costs, and managing risks.

 

Nearly half of AI champions have implemented AI to identify current skills and future skills gaps. The Department of Labor says AI is helping drive innovation, optimize chemical processes, and improve resource management in the chemical industry.

 

      AI champions emphasize three key actions needed to succeed with AI:

  • Establish the foundation to take advantage of AI
  • Execute an AI business blueprint
  • Infuse value chain with AI and other technologies.

 

  AI champions have created the framework to drive AI across the business To that end,   chemicals companies should focus on:

  • Build a foundation for AI
  • Accelerate the AI journey
  • Catalyze the business with AI

 

 

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Disclaimer:
The views/opinions expressed in this blog by me as a MENTit user are my personal. MENTit or its promoters or other users may not share the same views or opinions as mine. If any copyright/trademark/patent/plagiarism/controversy issue emerges because of this article written by me, I, as an author, shall be the sole responsible for the consequences.

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